Processing Issue Delays Payments To New Mexico Unemployment Insurance Debit Cards
ALBUQUERQUE, N.M.--(BUSINESS WIRE)-- Wells Fargo & Company (NYS: WFC) , announced today that a processing issue occurred with an automated clearing house (ACH) transaction associated with the New Mexico Unemployment Insurance Debit Card on Monday, January 7. As a result, debit cardholders experienced a delay in fund availability.
Approximately half of eligible benefit recipients that hold the New Mexico Unemployment Insurance Debit Cards receive weekly funds at 5 a.m. MST every Monday; the remaining recipients receive funds at 5 a.m. MST every Tuesday. The processing issue delayed payment to all card holders until Tuesday, January 8, at 10:30 a.m. MST.
"We understand that access to these funds is critical for our New Mexico Unemployment Insurance Debit Card holders and sincerely apologize for any inconvenience that this may have caused," said Mark Jensen, regional vice president, Wells Fargo Government and Institutional Banking. "Upon discovery of this issue, we worked closely with our payments processing partner to ensure the payments were processed quickly."
The processing issue has been addressed, and the issue has been resolved. Any fees charged to debit card holders as a direct result of the delay of payment will be refunded.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
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